Strategy Makes $835M Bitcoin Purchase, Largest in Over Four Months

Bitcoin treasury company Strategy, formerly known as MicroStrategy, has announced its largest Bitcoin acquisition in more than four months, purchasing 8,178 BTC for approximately $835.6 million. The purchase, made between November 10 and November 16, was disclosed in an 8-K filing with the SEC on Monday. The average purchase price was $102,171 per coin.

Strategy has acquired 8,178 BTC for ~$835.6 million at ~$102,171 per bitcoin and has achieved BTC Yield of 27.8% YTD 2025. As of 11/16/2025, we hodl 649,870 $BTC acquired for ~$48.37 billion at ~$74,433 per bitcoin. $MSTR $STRC $STRD $STRE $STRF $STRK https://t.co/HI1TeYOvQ9

— Michael Saylor (@saylor) November 17, 2025

Funded through innovative preferred stock offerings

The acquisition was largely financed through the company’s expanding portfolio of preferred stock programs. A major portion came from Strategy’s first euro-denominated preferred stock, STRE, which raised €620 million (about $715 million). The firm also tapped its domestic preferred share programs, raising an additional $131.4 million via its STRC (Stretch) series. Combined, these proceeds covered the full cost of the purchase.

In recent months, Strategy has increasingly relied on preferred stock to avoid diluting existing shareholders, as its common stock, MSTR, has lost 56% in value over the past four months. With the company now trading at a valuation nearly equal to the value of its Bitcoin holdings, common equity issuance has become a less viable financing method.

Holdings near 650K BTC, paper gains exceed $13B

With this latest buy, Strategy’s total Bitcoin holdings stand at 649,870 BTC, acquired for $48.37 billion at an average cost basis of $74,433 per BTC. At current prices around $94,500, the position is worth approximately $61.7 billion, implying paper gains of about $13.3 billion.

History of Strategy's Bitcoin purchases. Source: Strategy.com

Michael Saylor, the company’s co-founder and executive chairman, hinted at the acquisition with a cryptic "₿ig week" post on X prior to the official announcement. He later confirmed that the firm had been purchasing Bitcoin daily during the week, dismissing speculation about any asset liquidations.

Stock performance reflects investor caution

Despite the bullish accumulation, Strategy’s stock fell 2.5% on Monday to under $195 and is down 31% over the past month. Analysts point to investor concerns about dilution from the company's aggressive fundraising activities, particularly through its various preferred share offerings.

To date, Strategy has introduced five distinct preferred stock classes (STRK, STRC, STRF, STRD, and STRE), each with different risk-return profiles and dividend structures. These offerings are part of Strategy’s broader "42/42" capital plan, which aims to raise up to $84 billion in equity and convertible notes by 2027 to fund further Bitcoin acquisitions.